The 30-second ad, released Thursday, highlighted the proposal that would require financial institutions to report information on personal and business accounts with the Internal Revenue Service (IRS) if they exceed $10,000 in incoming or outgoing cash, known as inflow or outflow, respectively. The proposal excludes income through a paycheck in which taxes are automatically deducted.
Fitzpatrick, who has been adamantly opposed to the proposed IRS changes, argued the possible requirement was “about control over people’s lives” and unveiled a petition to halt the changes.
“We will never quit in the fight against Joe Biden’s terrible IRS proposal to gain access to your private financial records,” Fitzpatrick said in a statement. “I encourage every Missourian to join our effort. Together, we can put a stop to this reckless plan.”
The treasurer encouraged supporters to visit bankprivacy.org, a new website his campaign also unveiled Thursday. The site encourages Missourians to sign a petition opposing the administration’s “new scheme that would allow the IRS to snoop into the private bank accounts of Americans.”
The reporting threshold was increased last week, rising substantially from the original proposed $600 minimum, but Fitzpatrick told reporters the change was not enough to assuage his concerns.
The Republican executive previously joined almost two dozen other state financial officers on a letter to President Joe Biden and Treasury Secretary Janet Yellen opposing the idea last month, pointing to concerns over privacy and the risk of cybersecurity breaches. He also vowed Missouri would not comply if the proposal became law.
The proposed change is part of the American Families Plan, which seeks to increase federal investments in child care, education, paid leave, and other initiatives through increased taxes on high-income taxpayers. The bill is still working its way through Congress.
Fitzpatrick will face state Rep. David Gregory in the Republican primary next year.
Gregory outraised Fitzpatrick in the third quarter, but the treasurer ended the reporting period with more cash on hand. The ad made no mention of his opponent.
Auditor Nicole Galloway, Missouri’s lone Democratic statewide official, said she would not run for re-election in 2022.
Cameron Gerber studied journalism at Lincoln University. Prior to Lincoln, he earned an associate’s degree from State Fair Community College. Cameron is a native of Eldon, Missouri.
Contact Cameron at email@example.com.